Chapter 22. Economic Value/Appraisal of Trees

Farr (2004) states that, “Evaluated as a simple landscape amenity, the monetary value of Canada’s urban forest is impressive. Vancouver’s 114,500 street trees have an assessed value, using standards of the International Society of Arboriculture, of over $500 million. The 103,000 boulevard trees and 142,000 park trees of Edmonton have an estimated replacement value in excess of $800 million. The value of the Toronto urban forest, based on an average value of $700 per tree set by the Council of Tree and Landscape Appraisers in 1992, is over $16 billion.” Natural Resources Canada from Evolving Urban Forest Concepts and Policies in Canada. There are many reasons to conduct tree appraisals. Appraisal methods have been developed and implemented proving that trees have substantial monetary value. The appraisal process can take a considerable amount of time on the site to effectively evaluate all measurables. Often, the process involves collecting samples, taking measurements and photographs, interviewing neighbours and evaluating the tree’s environment. Determining the value of a tree considers species type, physical condition such as scarring, storm damage, disease or insect damage, etc. and location factors; these criteria can be found in established tree listings. Urban forests also provide economic benefits such as increased property values, positive impact on real estate consumer preference, and reduction in energy costs by shading buildings and pavement and lowering surrounding temperatures.